Fore Capital LLC Buys New Shares in Cenovus Energy Inc $CVE

Fore Capital LLC acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 65,000 shares of the oil and gas company’s stock, valued at approximately $1,100,000. Cenovus Energy comprises approximately 0.4% of Fore Capital LLC’s holdings, making the stock its 20th largest position.

Several other institutional investors have also recently bought and sold shares of the business. Financial Management Professionals Inc. purchased a new stake in shares of Cenovus Energy in the fourth quarter valued at about $25,000. NBC Securities Inc. grew its position in Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares during the period. Geneos Wealth Management Inc. grew its position in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares during the period. Advisory Services Network LLC purchased a new position in shares of Cenovus Energy in the third quarter worth about $50,000. Finally, Allworth Financial LP increased its stake in shares of Cenovus Energy by 32.2% in the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 737 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the subject of several recent research reports. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Trading Up 0.9%

CVE stock opened at $29.76 on Friday. The company has a market capitalization of $55.65 billion, a PE ratio of 16.35 and a beta of 0.34. Cenovus Energy Inc has a one year low of $13.03 and a one year high of $32.07. The company’s 50 day moving average price is $27.83 and its two-hundred day moving average price is $22.50. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion for the quarter, compared to the consensus estimate of $9.47 billion. During the same period last year, the firm posted $0.47 earnings per share. The business’s revenue was up 1.0% compared to the same quarter last year. As a group, analysts predict that Cenovus Energy Inc will post 3.15 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 3.0%. Cenovus Energy’s payout ratio is 32.42%.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.